FTSE 100 closes higher ahead of long weekend

Friday, 22 May 2009 12:00

The FTSE 100 remained stable before the Bank Holiday weekend, gaining 19.82 points over the day to close at 4,365.29.

Mining firms were once again supporting the blue-chip index, as precious metal prices strengthened.

Silver miner Fresnillo rose the highest on the index, up 7.81 per cent, followed by Kazakhmys, up 6.06 per cent.

Insurers were also rising up the index, with Aviva gaining 5.77 per cent over the session and Old Mutual up 3.11 per cent.

Several stocks were still in the red, however, led by British Airways after the airline announced a record loss earlier this morning.

Shares in BA fell by 3.75 per cent, followed by a 3.69 per cent fall in technology firm Invensys.

Overall, the FTSE 100 ended the week 17.19 points higher than last Friday.

David Jones, chief market strategist for IG Index, said: "This week we have seen some big swings day-to-day, but there still seems to be no clear view as to whether the strength seen since this year's lows is the start of the next great bull market, or just another bear market rally.

"On the plus side, markets have at least weathered the bad news this week. Events such as surprisingly negative minutes from the Fed's last meeting, the threat of the UK's credit rating being downgraded and a slump in British consumer spending have caused shares to wobble over recent days.

"So far this negative news flow has not prompted sustained selling and, on the whole, markets have managed to bounce back from these set backs, demonstrating some underlying strength."

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